TNK-BP Accuses BP of Stalling Gas Project

TNK-BP has officially and publically blamed BP for delays faced in the Rospan gas project in West Siberia, saying that BP had failed to lend its support to proposals for the field's first stage of development.

In a statement, TNK-BP said that BP had so far failed to support a proposal before the Board of Directors for first stage development of the gas condensate field. In turn, an alternative proposal forwarded by BP was not supported and failed to gain approval either.

TNK-BP says it will now work with BP, which holds a 50 per cent stake in the company, to identify its issues with the rejected proposal and the plans for the field. The other 50 per cent shareholder in the project, Alfa Access Renova (AAR), had no issues with the project having accepted the proposal.

"TNK-BP management is convinced that the development of the Rospan gas condensate field is fully in line with the interests of TNK-BP and its shareholders and remains a strategically important project for the company," the company said in its statement.

"Taking into consideration the support of AAR-appointed directors, company management intends to continue to work with BP representatives to clarify their position on this project. TNK-BP management is hopeful that its proposal will received support from BP representatives, which, in turn, will allow the company to continue preparations for the start of full-field development of the Rospan gas condensate field."